Center sold to first buyer under contract at full asking with a $1m cash deposit at offering.
PLANTATION, Florida (June 11, 2025) –
Franklin Street, a fully integrated commercial real estate services firm, announces it has brokered the sale of Paraiso Plaza II, a 34,013-square-foot retail center in Hialeah. Paraiso Plaza II is fully leased to a diverse mix of essential service retail and medical tenants. Ari Real Estate purchased the property from CMG Properties on June 4th, 2025, for the full asking price of $16 Million.
The property is adjacent to a Publix-owned and anchored-shopping center and McDonald’s outparcel, with access to Hialeah Gardens Blvd. which has exits and entrances to I-75. The center was listed for sale on March 3rd and received 15 offers in the less than 30-day marketing process.
“This rare listing attracted more than 160 potential buyers,” Justin Walker, Franklin Street senior director and lead broker, said. “This was a unique and rare opportunity to acquire a Class-A center in the Miami metropolitan area which was proven by the top-of-market pricing and the competitive offers.”
Paraiso Plaza II offers investors stabilized cash flow from both local and national tenants, with the potential growth opportunities. Average rents in the market are $35 per square foot while Paraiso Plaza II has an average rent of $25 per square foot, in fact two leases were signed during due diligence at near $40 per square foot. Paraiso Plaza II was fully renovated in 2024, and a new roof was installed in 2019 that is still under warranty. The center also has an online retailer-resistant tenant mix with daily services for the community including restaurants and the Las Mercedes Medical facility.
“This sale proves investors are attracted to Hialeah as they see room for growth,” Greg Matus, Franklin Street executive vice president of multifamily and retail said. “Paraiso Plaza is an opportunity to be in position to benefit from the city’s 2050 Master plan to enhance infrastructure and livability.”
The center includes the main retail building, parking lot and a freestanding 7,200-square-foot building on 3.06 acres. The center was built in 1998 by the original owner who listed the property for sale. Paraiso Plaza II is at the lighted intersection of 84th Street off Hialeah Gardens Blvd., the nearby McDonald’s location is in the top 94% of visits in Florida and top three in a 15-mile radius.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.
